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What's Your Take on the Debt Ceiling Compromise?

Congress met in the middle and raised the debt ceiling. What do you think of the deal?

At midnight last night, the U.S. debt ceiling was hoisted, and the country was able to keep paying its bills. 

The national debt ceiling debate dominated the news cycle for weeks, with a string of failed compromises and stalled talks spurring fears of major economic fallout if Congress failed to reach an agreement to allow the nation to borrow more to pay its bills.

The impasse, while it lasted, had local effects – Ocean County bond projects were delayed during the uncertain period.

In the end, the compromised reached in Congress and signed into law by President Obama yesterday is considered by many analysts a bigger win for Republicans than Democrats. That's because it cut the budget without introducing new taxes to boost revenue, which the President and other Dems said were necessary.

Both of New Jersey's U.S. Senators voted against the deal, saying the spending cuts were too deep and would worsen the still struggling economy. Meanwhile, the decision didn't seem to please world markets, which plunged yesterday.

What do you think of the debt deal? Are you happy with the agreement struck by Congress, or do you think it's an example of a compromise where nobody's content? What do you think the effect will be locally?

Drivingtoofar August 03, 2011 at 07:28 PM
I think your caps lock is stuck...but besides that, you really don't understand what this was all about. Do you really think that we should have gone into default? I bet you will vote for Bachman...Go to OCC take some classes in economics...
Mark August 03, 2011 at 08:43 PM
what would have happened if we defaulted? I don't think anyone on here could even answer that question...well with any facts anyways.
Anna-Marie August 05, 2011 at 05:33 PM
Too many people are on entitlments. 50 Per cent is way too high.. Jobs have to be created..spending needs to be cut alot more! A flat tax system would close all loopholes. I believe that should be strongly considered as an option
Marianne P. Clemente August 10, 2011 at 02:31 PM
All I can say is "WOW." I couldn't believe how many of the comments regarding Graelyn's question on raising the debt ceiling espoused the fact that - we need a balanced approach to our financial woes (more than half of the comments, 9 out of the 17). Revenue has to be part of the fix. Our system is broken and got broken over the last 10 years by borrowing from China, et al for not paying for things like: the Iraq and Afghanistan wars - the Bush tax cuts and - Medicare Part D. Our current President put these items on the balance sheet, as any fiscally responsible manager would do. You should therefore now understand one of the reasons we have had such an increase in our debt and deficit. Also, as any manager worth her/his salt, knows that you need financial resources to fix something this badly broken. It was heartening to see so many people comment on this topic. You need to keep airing your views. You need to write letters to the editor. You need to keep the pressure on elected officials, and I don't just mean our NJ representatives. Call the leaders of the House and Senate too.
Sean Conneamhe August 11, 2011 at 05:22 PM
The facts have been checked, and Daniel Phelan is correct.

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